The brand new proprietor of the previous Westfield Santa Anita mall is Wen Shan Chang, an actual property investor from close by Bradbury who apparently desires to maintain a low profile because the earlier proprietor continues to handle the property for him.
French retail property large Unibail-Rodamco-Westfield announced last month that it had offered the massive indoor buying middle in Arcadia for $537.5 million in one of the vital costly mall gross sales in america in years. The property has been renamed the Outlets at Santa Anita.
Unibail-Rodamco declined to establish the client, a rarity in large-scale actual property transactions, saying solely that the client “is a longtime industrial actual property investor who owns different retail property in Southern California.”
Property data now listing Chang’s firm Riderwood USA because the proprietor of the mall close to the famed Santa Anita Park horse-racing venue.
“The large deal catapulted Riderwood USA to being the most important spender on retail area in larger Los Angeles previously half-decade, passing French luxurious retailer LVMH and New York-based actual property large Blackstone,” actual property information supplier CoStar mentioned.
Public paperwork say Chang, 71, was born in Taiwan and owns an property in Bradbury, a small metropolis within the San Gabriel Valley that shares a border with Monrovia and is a few 15-minute drive from Arcadia.
Chang couldn’t be reached for touch upon his plans for the buying middle, which dates to 1974 and is taken into account a “super-regional” mall able to drawing prospects from lengthy distances.
Westfield Santa Anita was broadly thought to be one of many crown jewels of the Westfield chain. The 1.5-million-square-foot property on Baldwin Avenue is 96% leased, with gross sales of greater than $600 per sq. foot on an annualized foundation, actual property funding financial institution Eastdil Secured mentioned, a measure of profitable mall exercise.
Promoting the mall was a part of Unibail-Rodamco’s deliberate “radical discount of its monetary publicity within the U.S.,” the corporate mentioned.
The proprietor of Westfield malls, acquainted to passersby for many years for his or her bright-red emblem indicators, mentioned in April it might sell all its properties in america and guess its future on Europe, the place it’s the largest proprietor of buying facilities.
All 24 U.S. malls are to be offered by 2023, Chief Govt Jean-Marie Tritant informed traders on the time. The corporate will turn into a “targeted, European pure-play,” he mentioned.
Amongst Chang’s different holdings are an condominium constructing within the Westlake neighborhood of Los Angeles and two small motels in Las Vegas.